Blockchain Analysis Part 1️⃣ — Polygon
iBetYou is deployed on 4 different chains, and Polygon Network is one of them. This chain plays a significant role in iBetYou’s future, since it is one of the most renowned and trusted blockchains in the space. 🚀
Join us as we unpack Polygon’s background, benefits, and how to leverage the chain in the best way that works for you👇
First things first — What is Polygon Network?
Polygon is an L2 scaling platform that runs on the Ethereum blockchain, and it is categorized as the “faster and more accessible Ethereum”.
Why? 🤔
It allows users to make faster transactions and pay lower fees while also leveraging Ethereum’s security. MATIC is the network’s native cryptocurrency and is used for daily activities such as fees, staking, and others.
Many developers that create useful tools will prefer to move them to other Ethereum Virtual Machine( EVM) blockchains to increase their reach and usage. Polygon is one of the most wanted blockchains since it basically does everything Ethereum does without the low throughput and high transaction fees.
At IBY’s early stages, deployment on Polygon fit like a glove and we haven’t looked back since. 😎
Why was Polygon created in the first place?
As everyone in the space knows by now, Ethereum’s most notable challenge is that it is not user-friendly, at least was not, until the Merge. Before the Merge, Ethereum was using a Proof-of-Work consensus mechanism, which led to very high transaction fees and low speed. As a result, the main goal of Polygon was to create a blockchain that leveraged Ethereum’s technology AND made it affordable for the end user.
Polygon’s primary focus is to increase the usage of DeFi tools and applications by basically connecting blockchains. Polygon uses a modified proof-of-stake (PoS) consensus mechanism that enables a consensus to be achieved with every block — and this makes transactions faster and is much more affordable.
But as an individual entity, the Polygon Network is a lot more than a sidechain. One of the core ideas behind Polygon is its drive to equip developers with user-friendly and flexible tools, that way they can fast-track information into a multichain platform. Simply put, Polygon isn’t the regular PoS chain that we think of. They are a series of blockchains that can help scale Ethereum. When achieved, a developer can easily help create all kinds of different scaling solutions.
How does Polygon work?
Historically, Ethereum can be credited with all sorts of advancements in blockchain space such as Smart contacts and decentralized applications (dApps) with high APYs that are crucial for many projects to build. However, with serious challenges looming, developers required a more sustainable scaling solution.
This is where Polygon comes into the picture. Formerly known as Matic Network, Polygon Network improves the functionality of the Ethereum blockchain by drastically increasing its network scalability, overall transaction speed, and utilizing Ethereum’s security.
Polygon is created to cater to the diverse needs of developers by providing tools to create scalable dApps that prioritize user experience (UX), performance, and security. Polygon’s PoS consensus mechanism serves as a Commit Chain to the Ethereum mainchain, attracting over 80 Ethereum dApps to its platform that transacts without issues of the network congestion common to Ethereum and other PoW blockchains.
Key features of Polygon 👇
Availability: Using Polygon sidechains, benefits such as swift transactions, low-cost, and Ethereum-level security, are readily available for users and developers. And not to mention, finality is verified on the mainchain and Ethereum as the first suitable L1 base chain.
High throughput: Throughput is a measure of how many actions are completed within a given timeframe. The Polygon internal testnet achieved more than 7,000 TPS on a single sidechain.
Security: The MATIC PoS chain is an EVM-compatible sidechain secured by a permissionless set of PoS validators and checkpoints submitted to the Ethereum Blockchain. This means Polygon has the same level of security as Ethereum.
Advantages of Polygon over other blockchains
There are many green flags the Polygon protocol possesses but one that stood out was its next-to-nothing gas prices, unlike our initial pairing with Ethereum where you pay more gas fees than the bet itself. Also, by providing an extensive set of tools for developers to design high-performance, high-scaling blockchain protocols and dApps, the network has already exceeded its initial aim for MATIC.
Here are some of the main benefits and improvements that the Polygon platform brings to the table 👇
- EVM Compatibility
Polygon is the first scaling solution that fully supports the EVM, Ethereum’s blockchain-based software that allows developers to launch dApps in several clicks while benefiting from faster and cheaper transactions.
- Easy access to the vast Ethereum community
Polygon is easily accessible and simple to the Ethereum community. As a result, dApps developed on the Polygon Network benefit from Ethereum while maintaining their high security.
- High security
Projects are protected by a distinguished security mechanism, which is optional to use.. This allows blockchains also to maintain their autonomy without using Polygon’s security-as-a-service approach. To top it off, linked blockchains can still have complete compatibility with the Ethereum mainchain.
- Versatility
Polygon’s versatility is crucial for developers who wish to create fully interoperable dApps that take advantage of the benefits of numerous linked blockchains.
- Interoperability
Information can be exchanged across multiple cross-chain protocols between Polygon and other chains. This process is seamless, fast, and secure.
- Eco-friendly
Because Polygon is built based on the PoS consensus algorithm, it requires 99,99% less energy compared to other platforms that use PoW.
As technological advancement continues to grow rapidly, Polygon’s versatile approach to scaling solutions can future-proof the network and serve as a go-to chain for creators in the Web3 space. Polygon does not risk becoming obsolete, since it provides different scaling techniques.
Now the important stuff — How to actually leverage Polygon?
We’ve established that Polygon can help you achieve almost the same utility as Ethereum but without the slow transaction speed and high transaction fees — and this is extremely useful for blockchain betting, aka iBetYou 😎 We mean, who wants to pay more fees than the actual betting amount, right?
Anyway — do you know what other interesting ways Polygon can be utilized besides simply being a scaling solution and helping your day-to-day web3-based activities? Let’s find out 👀
- Digital Payments
Polygon’s capacity to facilitate payments is almost a no-brainer as the basic design of the network emphasizes its ability to help decentralized applications speed up payments. Polygon can empower dApps with almost real-time payment settlement capabilities.
- DeFi Services
Polygon also continues to make a big splash in DeFi. At the moment, Polygon is working on a mechanism that will let merchants access, monitor, and evaluate credit ratings of the users signed with the use of the platform. The complex process involves assessment of the transaction history of users to figure out their credit ratings.
- NFTs
Another exciting use case is Polygon’s focus on NFT trading. Polygon Network, unlike its L1 counterpart, brings the assurance of low transaction costs in purchasing and selling NFTs. Up until Polygon’s emergence in the NFT space, conducting trades through the biggest and most popular NFT marketplace, i.e. OpenSea, would cost an arm and a leg. Now, users can develop, purchase or sell NFTs on the Polygon Network for next to nothing. Users can re-configure Metamask to the Polygon Network and pay the transaction fees with the native token of Polygon, MATIC.
- Gaming
In July 2021, Polygon launched the Polygon Studios division with the aim of transitioning games from web2 to web3. The new division focuses on supporting developers who are interested in creating games using the Polygon Network. In fact, Polygon Studios will not only help developers transition but also support them in the form of marketing assistance, support from community members and investments.
How does iBetYou leverage Polygon?
iBetYou utilizes all the benefits highlighted above, from its accessibility to its security. The Polygon Network is designed solely to be what Ethereum is to an everyday user by allowing users to do many of the same things the main Ethereum Network allows, but with fees that are often a fraction of a penny, and including having all the benefits of smart contracts in the iBetYou platform.
Thanks to smart contracts and Polygon’s PoS consensus mechanism, bets on iBetYou will remain forever on the blockchain. This grants users the luxury of placing bets whenever and wherever they want, as long as they adhere to the public bet rules. 😉
Placing a bet on ibetyou.xyz is fast, efficient, transparent, and secure — and if you play your cards right, you might win some $MATIC!
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